Mr Milburn managed the Kames High Yield bond, and also worked on the £380m Strategic Bond fund and offshore funds.

Alex Pelteshki, who joined Kames in 2014, will now become co-manager on the Strategic Bond fund alongside Juan Valenzuela. The fund has struggled in recent times, sitting fourth quartile over three and five years.

As part of Kames' offshore line-up, Mr Milburn will be replaced on the High Yield Global bond fund by Jack Holmes.

Chief executive Martin Davis said: "I would like to thank both David Roberts and Phil Milburn for their contribution...[and] congratulate Stephen and Adrian on their new roles."

"We are well placed to continue to grow our business and maintain our impressive record in managing fixed income investments for clients."